Brent rises as US-Iran peace talks remain stalled

The front-month ICE Brent contract has increased by $1.41/bbl on the day from Friday, to trade at $107.70/bbl at 09.00 GMT.

IMAGE: Getty Images

Upward pressure:

Brent’s price has risen, inching towards $108/bbl, as peace talks between US and Iran remain stalled and vessel movement through the Strait of Hormuz remains restricted.

Hopes of reviving negotiations between the two countries faded over the weekend after US President Donald Trump cancelled his envoys Steve Witkoff and Jared Kushner’s planned visit to Islamabad on Saturday.

Meanwhile, Iran’s Foreign Minister Abbas Araqchi met mediators in Oman and Pakistan before travelling to Russia.

“Embarking on timely tour of Islamabad, Muscat, and Moscow. Purpose of my visits is to closely coordinate with our partners on bilateral matters and consult on regional developments,” Araqchi said in a social media post on Friday.

Separately, the US has vowed to continue blockading ships doing business with Iran as they pass through the Strait of Hormuz.

“That blockade is ongoing and continues to become more effective and stronger,” US secretary of war Pete Hegseth said during a press briefing on Friday.

Downward pressure:

Brent’s price felt some downward pressure following an increase in the US crude oil stocks.

Commercial US crude oil inventories increased by 1.9 million bbls to about 466 million bbls in the week ending 17 April, according to data from the US Energy Information Administration (EIA).

A build in US crude stocks typically indicates lower demand for oil and can put some downward pressure on Brent's price.

By Shilpa Sharma

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